ASSIGNMENT 2: INDEPENDENT RESEARCH REPORT (2000 WORDS) (30%)
Due Date: Electronic Copy: Friday, 13th May, 2011; 11:59 P.M (AEST)
Hard Copy: Friday, 13th May, 2011, 5:00 P.M (AEST)
Please attach duly completed Holmesglen Assignment Cover Sheet (only for Hardcopies).
OVERVIEW OF THE ASSIGNMENT
This assignment requires students to obtain data and analyse it.
The objectives are for students:
(i) to be able to find data;
(ii) to understand the strengths and weaknesses of the data;
(iii) to be able to compare and contrast economies, both the same economy over time
and different economies during the same period.
Students should appreciate how interconnected, and interdependent, the economies of the world are. This is visible in the macro economic data and also from looking at the various resources that are used to manufacture even the basic consumer products.
The assignment is limited to 2000 words. Students will be penalized for exceeding this limit. Learn to write concisely.
Consider: (i) the United States; (ii) Australia; and (iii) one of the EU (European Union) counties.
To answer the questions, you’ll compare and contrast the economic performance of the U.S., Australia, and one of the EU countries (your choice).
1. Obtain annual data from the past five years (2005-2010) for each of the three countries. Produce clean line graphs (using Excel or some equivalent) that are appropriately labelled. One graph for each variable; each graph displays the data for the three countries. Data Table and Graph are required.
(Note: you may need to construct some of your data, such as deriving the Inflation Rate from the CPI)
a) Real GDP Growth
b) Inflation Rate
c) Unemployment Rate
d) Productivity Growth
e) Exports (not Net Exports)
10 marks (2 marks each)
2. The data collected and presented on the national economies over the past 6 years show all economies experiencing to various degrees, the Global Financial Crisis (GFC). To minimize the impact of the financial crisis on the Australian economy, both monetary and fiscal policies have been used. Australia is currently experiencing considerably strong economic growth aftermath the GFC. The application of fiscal policies had played a role in achieving this outcome. Given this situation:
2.1) Explain/examine how government expenditure and tax policies can best be used to impact on desired economic outcomes. Where appropriate use relevant theory and graphs to support your points.
6 marks (including 2marks for appropriate diagrams).
2.2) Can fiscal policies be effectively used to control economic activities; what are some of the problems or challenges of fiscal policy application Where appropriate use relevant theory and graphs to support your points.
6 marks (including 2 marks for appropriate diagrams).
2.3) Briefly describe/examine the use of fiscal policies, over the recent decade, by the Australian government. (Hint: Use data from [url removed, login to view] ).
4 marks (including 2 marks for appropriate time series Government Budget data).
(Total = 16 marks)
Reference, Source and Citation: 2 Marks
Presentation and Grammar: 2 Marks
TOTAL = 30 Marks
Notes on Assignment Preparation and Submission
Preparation of assignments
Your assignment, particularly an essay, should meet the following expectations:
1. Answer the question set, keep to the topic and include all relevant issues.
2. Go beyond what other people have said on the question. Express their ideas in your own words but add your own ideas and opinions. To do this you need to analyse and criticise ideas where appropriate and argue your point of view. Support your arguments and opinions with referencing.
3. Show in the content of your assignment that you have read the set texts and that you have consulted a reasonable range of books and articles frfrom the media and/or websites.